Among the integrated oil companies Royal Dutch has served best in predicting what oil might do. The (very clear B-wave) announced well in advance that oil was not going to $200, at least not for a while. Here we are at about $60 with very clear overlap, virtually making an immediate rise to higher highs virtually impossible. This leaves only a more complex correction which would call for a drop to about $40 anyway, or straight down. Eitherway it is not likely that oil will hold last nights lows of $79.